Silver Price Forecast – Silver Markets Continue to Grind

Silver markets are obviously very bullish, but at this point they might be a bit overbought. I think that it is only a matter of time before we find enough value on a pullback to get long again but we clearly have not had it yet. In the short term, it looks like we are going to go sideways in general, looking at the $24 level. Ultimately, this is a market that I think has plenty of support underneath and I would like to see a certain amount of support underneath to take advantage of.

The $20 level underneath is the “floor” in the market, and I think that there will be plenty of buyers in that area if we were to somehow get down there. Ultimately, I like the idea of buying dips and will continue to take advantage of them as they occur. Longer-term, I believe that we are going to go much higher.

SILVER Video 03.08.20

The Federal Reserve continues to flood the market with greenbacks and therefore it is likely that the precious metals markets continue to see a lot of upward pressure. Quite frankly, I do not even have a scenario where I would be a seller, and therefore I think that the dips will continue to attract a lot of attention. To the upside, we could go as high as $30 over the next several weeks but clearly, we have gotten ahead of ourselves in the short term. At the very least we need to grind sideways in order to get comfortable if we for some reason cannot get that pullback.

For a look at all of today’s economic events, check out our economic calendar.